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Otto Marine Secures Time-charter Contract, Sells Vessel

Otto Marine Limited Thursday announced that it has secured a time-charter contract for its Maintenance and Construction/Accommodation support vessel, Seasafe Supporter, for 500 days with an option to extend for two months.

The contract is expected to generate about US$10.0 million for the minimum scheduled period of the charter.

Seasafe Supporter is an ABS-classed support vessel capable of accommodating 90 men. It is fully equipped with 4-point mooring system, 45 Tonne Deck Pedestal crane with 120 foot boom and is also DP zero /DP1 capable.

The group’s wholly-owned subsidiary, Global Workboats, will charter Seasafe Supporter to a Dutch operator who will in-turn deploy this vessel to support offshore works in Gabon, west coast of Africa.

Separately, the group’s subsidiary has sold S$75million work maintenance vessel to an undisclosed buyer for US$38 million. Following which, the subsidiary will charter the vessel from the buyer for five years.

Otto Marine Limited closed Thursday at S$0.088


Sheng Siong to Add Two Outlets by Year End

Sheng Siong Group Limited Thursday announced that it has entered into lease agreements with Housing & Development Board in relation to the premises located at Block 115 Bedok North Road and independent third party in relation to the premises located at Block 925 Yishun Central 1.

The Bedok North 115 Supermarket and Yishun Central Supermarket are expected to commence operations in the fourth quarter of 2012 and by then, the group will have 31 stores with an aggregate retail area of approximately 391,000 square feet.

Sheng Siong Group Limited closed Thursday at S$0.480


Boustead Completes Construction of S$55-million Warehouse

Boustead Singapore Limited Wednesday announced that it has completed the construction of a S$55-million integrated logistics facility for SDV Logistics (Singapore) Pte Ltd.

The facility was developed by Boustead Projects’ wholly owned subsidiary, BP-SDV Pte Ltd (BP-SDV) and in accordance with the terms and conditions of the agreement, Boustead Projects has transferred its shares in BP-SDV to SDV Logistics upon the completion of the facility.

Boustead Singapore Limited closed Thursday at S$0.955


Miyoshi Precision to Bear 80 Per cent of Neworld’s Legal Cost

Miyoshi Precision Limited Thursday announced that it will have to bear 80 per cent of the legal cost incurred by Neworld on top of its own legal cost.

In the event that both parties are unable to agree on the cost, an arbitrator could be appointed to decide.

Earlier, Neworld took action against wholly-owned subsidiary Miyoshi Precision (Malaysia) Sdn Bhd for the breach of an alleged sale and purchase agreement for equipment supplied by the former at a consideration of US$1.53 million.

The company is seeking legal advice from Rodyk & Davidson LLP in relation to the award on costs.

Miyoshi Precision Limited closed Thursday at S$ 0.050


Thakral to Build Another 56 houses for Lease to GLNG Operations

Thakral Corporation Limited, through its subsidiary, TCAP Custodians (Gladstone) No 2 Pty Ltd (TCG 2), has entered into agreements Thursday with GLNG Operations Pty Ltd to build another 56 houses for lease to GLNG.

The agreements come on the heels of the recent completion of the delivery of the first 45 houses for lease to GLNG under Phase One of the GLNG housing project.

Similarly, the GLNG Phase 2 Housing will be leased on a long-term basis to GLNG for occupation by its permanent executives to be based in Gladstone, Queensland.

Construction on the first 11 lots of land acquired on 11 August 2012 has already commenced, with work on the remaining lots to commence progressively as the lots of land are delivered to TCG 2 over the coming weeks.

The houses are scheduled for completion and ready for occupation by end of the early second quarter of 2013.

The total capital required for the project of about A$33.6 million ($44.1 million) will be fully funded from capital contribution by the group of about A$10 million and bank loan secured by the project.

Thakral Corporation Limited closed Thursday at S$0.028


Metax Engineering Warns of Losses in FY2012

Metax Engineering Corporation Limited said Thursday it expects to report a loss for the financial year 2012.

“The company is expected to report a loss for FY2012 mainly due to the company and its subsidiaries not being able to secure sufficient projects to cover the fixed costs of the water and wastewater and hydro-engineering segments,” it said in a filing to the Singapore Exchange.

The company will announce its unaudited results before 29 August 2012.

Metax Engineering Corporation Limited closed Thursday at S$0.072